XBTUSD 4H chart (7/11/2019)
If it is a , then we generally shouldn't expect price to drop any lower than the daily level which is around $10700. That doesn't mean it can't wick down below it, but we should see the hold as support. This is important to understand because We would expect to see continued patterns printing and currently we would be just about halfway through the pattern. That puts us on the C wave of that pattern as well.
So far, price has found support on the daily 21 and the previous two 4H candles suggest a possible reversal, at the TR's EQ . There is also hidden printing at this time on the 4H TF. We need to see follow-through with a larger candle spread demand candle now to confirm this. While everyone on CryptoTwitter is freaking out about yesterday's downward price movement, the reality is that supply has been dropping within this correction over the past two weeks and price has been supported by the daily so far. If price can close here or higher today, then the 3D should print a cross. The 6H will print a cross if price closes four hours from now at this price or higher. The 4H has been bottomed out since mid-afternoon yesterday. Price is also sitting above the 4H , so there's a lot of potential for a bounce up toward the top of the TR around $12000-$12400, at least, before possibly resuming movement down in one of the two scenarios mentioned above.
Lower TF price action appears to be printing a large with a target of $12585 on Bitmex if price can get through the wedge's resistance. Traders should be mindful of the $12150 level as price progresses that way. Hitting the target puts price above the M15 and the 1H 21 . The 1H is pretty high, so we may see a small pullback on the smaller TFs before price pushes through the wedge's resistance. While on the 1H has a lot of room to run if demand can overcome supply, it is also showing some likely hidden divergence at this time.
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